Inertial Navigation System Market Size Set to Achieve USD 17.5 Billion by 2030 growing at 5.8% CAGR – Exclusive Report by Acumen Research and Consulting
Acumen Research and Consulting recently published report titled “Inertial Navigation System Market and Region Forecast, 2022 – 2030”
Osaka, Jan. 12, 2023 (GLOBE NEWSWIRE) — The Global Inertial Navigation System Market Size was valued at USD 10.6 Billion in 2021 and is set to garner a market size of USD 17.5 Billion by 2030 growing at a CAGR of 5.8% from 2022 to 2030.
Inertial navigation systems (INS) are becoming more popular as the number of autonomous vehicles increases, as do the applications of marine vessels and the demand for space launch vehicles. Because these systems are heavily reliant on technology, advancements and innovations in these technologies are expected to skyrocket in the near future. As a result, inertial navigation systems have advanced significantly in recent years. The accuracy and precision of the sensors used in INS systems have been one of the main areas of improvement. Newer inertial sensors, for example, can detect smaller changes in acceleration, enabling more precise navigation. In addition to sensor advancements, there have been advancements in the algorithms used to process sensor data and calculate the object’s position and velocity. These algorithms are usually intended to compensate for errors and biases in sensor data as well as to filter out noise.
Inertial Navigation System Market Statistics
- Global inertial navigation system (INS) market revenue collected USD 10.6 Billion in 2021, with a 5.8% CAGR between 2022 and 2030
- According to the Our World in Data Insights, the total number of objects launched into space was 2,163 in 2022
- As per the International Air Transport Association (IATA), the total number of domestic and international airline flights in 2021 was 22.2 million
- North America inertial navigation system market share occupied over 36% in 2021
- Asia-Pacific inertial navigation system market growth is projected to record over 6% CAGR from 2022 to 2030
- By component, the gyroscopes sub-segment seized USD 4 billion in market revenue in 2021
- The surging demand for autonomous systems is a key trend in the inertial navigation system industry that fuels the demand
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Inertial Navigation System Market Report Coverage:
|Market||Inertial Navigation System Market|
|Inertial Navigation System Market Size 2021||USD 10.6 Billion|
|Inertial Navigation System Market Forecast 2030||USD 17.5 Billion|
|Inertial Navigation System Market CAGR During 2022 – 2030||5.8%|
|Inertial Navigation System Market Analysis Period||2018 – 2030|
|Inertial Navigation System Market Base Year||2021|
|Inertial Navigation System Market Forecast Data||2022 – 2030|
|Segments Covered||By Technology, By Component, By Grade, By Application, And By Geography|
|Inertial Navigation System Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Collins Aerospace, General Electric Company, Gladiator Technologies, Inc., Honeywell International Inc., iXblue SAS, MicroStrain Sensing Systems, Northrop Grumman Corporation, Raytheon Technologies Corporation, Safran Electronics & Defense, Teledyne Technologies Inc., Thales Group, Trimble Inc, and VectorNav Technologies, LLC.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Inertial Navigation System (INS) Market Dynamics
The growing demand for high-precision navigation systems drives global inertial navigation systems (INS) market value. Another factor driving the demand for INS is the growing trend of autonomous vehicles and aircrafts. However, technological advancements are assisting the INS industry to grow positively. Sensor technology, algorithms, and integration with other types of sensors have improved the accuracy and reliability of INS systems, driving the market for these systems.
However, size and weight issues, as well as complexity issues, are causing market barriers. Furthermore, rising defense spending would undoubtedly create significant growth opportunities for the market between 2022 and 2030. As the demand for advanced military systems such as missiles and unmanned aerial vehicles grows, so does the demand for INS systems, which are frequently used in these applications.
Rapid Advancements in Navigation Technology Drives Inertial Navigation System (INS) Market Value
One significant advancement in INS technology has been the incorporation of other types of sensors, such as GPS, magnetometers, and barometers, to improve the system’s accuracy and reliability. This is known as “integrated navigation,” and it enables the INS to use the strengths of each type of sensor to accomplish more accurate and robust navigation. Finally, advancements in the use of inertial navigation systems in new and upcoming applications such as drones and autonomous vehicles have occurred. These systems are frequently designed to be small, light, and low-power, making them ideal for use in these applications.
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Inertial Navigation System INS Market Segmentation
The global inertial navigation system market is categorized into technology, component, grade, application, and geography.
- Based on the technology, the market is split into fiber optics gyro (FOG), mechanical gyros, MEMS, ring laser gyro (RLG), and others
- The component segment includes accelerometers, algorithms and processors, gyroscopes, and wireless systems
- By grade, the market segmentation comprises commercial grade, marine grade, navigation grade, space grade, and tactical grade
- On the basis of application, the categorization is given as aircraft, general aviation, civil helicopters, commercial passenger aircraft (cargo aircrafts), military aircraft, military armored vehicles, space launch vehicles, missiles, marine, UAVs, UGVs, and UMVs
- The regional market is classified into North America, Latin America, Europe, Asia-Pacific, and the MEA
Inertial Navigation System Market Share
According to our inertial navigation system industry analysis, MEMS technology accounted for a significant market share in 2021. Meanwhile, fiber optics gyro (FOG) is expected to grow at a significant CAGR from 2022 to 2030.
The gyroscopes sub-segment captured a significant market share in 2021, while the accelerometers sub-segment is expected to grow the fastest between 2022 and 2030.
Furthermore, based on application, space launch vehicles gathered a significant market share in 2021 and are expected to do so in the coming years.
Inertial Navigation System Market Regional Outlook
Based on regional analysis, North America captured more than 35% of market shares in 2021 and is expected to maintain its dominance from 2022 to 2030. Europe ranked second in the regional analysis due to the presence of some premium automobile manufacturers. Meanwhile, the Asia-Pacific inertial navigation systems INS market has grown rapidly due to an increasing fleet of aircraft, increased investment in military and defense, and the growing trend of autonomous technology.
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Inertial Navigation System Market Players
Some prominent inertial navigation system companies covered in the industry are Collins Aerospace, General Electric Company, Gladiator Technologies, Inc., Honeywell International Inc., iXblue SAS, MicroStrain Sensing Systems, Northrop Grumman Corporation, Raytheon Technologies Corporation, Safran Electronics & Defense, Teledyne Technologies Inc., Thales Group, Trimble Inc, and VectorNav Technologies, LLC.
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